I joined this forum couple of years ago but now I am very interested in learning a lot about RE.
I live & owned a 3 BR house since 94 and I am interested in buying a 2nd property because I need more tax deduction. I don’t think I can afford to buy in California at this time, even the market is down it’s still expensive for me. Someone told me that San Antonio TX is a steady market. I want to buy and just rent it. I’ve been reading this site before but those leasing thing is too complicated for me. All I want is to get another property and get a management co. to manage it. Then I will just pay here and receive check for the rent. Can you guys give me ideas?
I think Armondo Montelengo has some properties for sale in San Antonio! :shocked I personally think that tax deduction is one of the LAST reasons to invest in RE. Rememer what happened in the mid 80’s when the govt. changed the law so you can’t use certain deductions. That screwed a lot of people who invested in RE to write off the losses. Invest for cashflow, equity buildup, appreciation and tax deductions.
If you just want a tax deduction, then pretty much anything you do will accomplish that. A better idea and less risky is to open a tee shirt shop in your same town. It is guaranteed to lose money and generate tax deductions. You can also close it down if you ever need to not lose money.
Why don’t you check out the numbers on swapping that 3-bedroom residence for a duplex or 2-on-1? That way you can easily manage it yourself. You should also be able to get owner-occupied financing for the purchase.
Maybe you can find a foreclosure/bank owned property. Get educated on your local area–all the bargains.